Author: Ebenezer Essilfie-Baiden
School of Finance & Financial Management
Business University of Costa Rica
Email: essilfiebaiden@gmail.com
Abst ract
Every project is implemented and managed locally, even if this is being done in accordance with some widely accepted standard. The nature of the project, its location, owner, purpose and objectives can have significant impact on the management methods to be used (Chmieliauskas). Thus, it is important to study project management practices in the context of developing countries to better understand and able to manage projects successfully in those countries. However, research works on project management in those countries has not yet received enough attention and still they are at infant stage (Jekale, 2004). In addition, the available information in the area is few and lack detail. Moreover, many of the available literatures focus on the so called “development projects” financed either by governments and/or donors. Hence, it is very difficult to find literature on the management of projects in the private sector or about project management by the private sector on the management of those development projects. Further, almost all materials in the area are written from the perspective of the client or financer, thus it is difficult to get literatures written on project management from the perspective of contractors. This seems also the case for project management in developed countries. Thus, the review presented in subsequent paragraphs is only an attempt to summarize the fragmented descriptions. Project management methods have been extensively used by many public and private entities to solve their problems, manage scarce resources and, achieve important objectives (Andersen, 2008). For developing countries, the potential benefit of project management is extremely high and the proper application of it may even be critical; as in 24 those countries; resources are extremely scarce and, achievement of project objective, in most cases, is extremely important. The work of (Voropajev, 1998) also indicated that PM is much more important in developing economy (transitional economy) than it is in developed economies (as risk and change are extremely high in the developing countries). As the majority of projects in the developing countries are development related, failure of a project usually have a far reaching effect beyond financial losses; It may result in a “ death”, or delay of many children‟s hope to go to school or the hope to save many from poverty and frequent drought. Likewise, successes in projects in developing countries may mean a considerable contribution in improvement of the life of millions.
Keyword: Project Management, Project Challenges, Project Development
